Karl Polanyi in his book The Great Transformation lays out his thesis by stating, “the idea of a self-adjusting market implied a stark utopia. Such an institution could not exist for any length of time without annihilating the human and natural substance of society; it would have physically destroyed man and transformed his surroundings into a wilderness.” (3) The reason why a self-regulating market is a utopia is because the notions that govern this idea are built on a false premise (see my previous post: http://buechsel.posterous.com/the-market-economy-was-made-to-serve-us-we-we).
One of the key problems is that the self-regulating market neglects to see the markets embeddedness in society (the economy is not autonomous from society as is often the case in economic theory). Polanyi explains the embeddedness of the economy in society by writing, “man’s economy, as a rule, is submerged in his social relationships. He does not act so as to safeguard his individual interest in the possession of material goods; he acts so as to safeguard his social standing, his social claims, his social assets. He values material goods only in so far as they serve this end.” (48) However, when policies push for disembedding the market from society there comes a point where either the people resist the pressure (regulations) or the economic system collapses. Fred Block explains this with the example that, “disembedding the market is similar to stretching a giant elastic band. Efforts to bring about greater autonomy of the market increase the tension level. With further stretching, either the band will snap – representing social disintegration – or the economy will revert to a more embedded position.” (xxv) This example illustrates that societies interest can be at odds with the economic interest. In some sense proponent of economic theory like to treat self-regulating market as value neutral – Polanyi has made it clear that this way of perceiving our economic system is an illusion. The economy does not exist in a vacuum and is not value free, it is always embedded within society and has either positive or negative social implications (or both).
The Questions
In this post today I want to reflect on Polanyi’s notion of the economic system being embedded in society; the two are intricately connected with each other and shape each other. What is of special interest to me is what are the values of a market economy and how do they shape peoples character? Furthermore, how do the values that are inherent to the market economy and that shape and form our character differ from Christianity’s values and Christian character?
Further Questions & Reflections:
1.) Does the Christian life reflect the same values as our cultures status quo particularly our cultures economic values? In the protestant reformation Martin Luther affirmed full participation of Christians in the process of the economy. Max Weber highlighted the significance of perceiving our daily work as vocation in his discussion of the Protestant ethic and the Spirit of Capitalism. Has this affirmation of work and indirectly of the economic system led us to uncritically participate in whatever economic system we find ourselves in?
2.) Is greed an underlying value of the market economy? (Does our economic system form greedy people?)
3.) What are the positive aspects of the market economy that need to be affirmed?
4.) Our economic system seems to operate under the assumption that natural resources are unlimited. How does this assumption fit together with being stewards of the earth?
5.) Our economic system teaches us to objectify people. David White notes, “The preeminent values of this economic system are marketability and consumption. These two values are the ethical lenses through which we become conditioned to perceive our worth and importance, and the worth and importance of others. [….] A commodity is created when all value is wrenched from an object, relationship or person, save the value of its marketability.”[1]
6.) Our economic system spurs on consumerism. “Consumerism involves a worldview … that shapes how we respond to others and ourselves.”[2]
The Greatest Transformation:
How can our values that have been shaped by our society’s economic practices be transformed and shaped in accordance to Christ’s values?
Paul writes in Romans 12:2
“Do not conform any longer to the pattern of this world, but be transformed by the renewing of your mind. Then you will be able to test and approve what God’s will is – his good, pleasing and perfect will.”
There are two things in this verse that seem to speak to the above mentioned questions and reflections.
First, anything that does not reflect Christ’s values is part of what Paul calls the pattern of this world. We are called to no longer conform to any practices that do not reflect Christ’s values. This surely includes setting aside some of our economic patterns.
Second, instead of conforming to the patterns of this world we are supposed to be transformed by the renewing of our mind and live according to the pattern of Christ. Paul is calling us to engage in a process of de-enculturation and reorientation. This renewal and transformation is the Holy Spirits work in our life.
[1] David White, “Consumerism, Character and Witness of the Church,” http://dlibrary.acu.edu.au/research/theology/ejournal/aejt_8/white.htm
[2] Ibid.
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